​​​​​​Budgets

Our Tax Service leaders have prepared summaries of the 2018-2019 federal and provincial budgets. Read their highlights below.

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British Columbia 2018-2019 Budget

B.C. Minister of Finance Carole James tabled the 2018-2019 provincial budget on February 20, 2018. While no new corporate or personal tax rate changes were announced, highlights include the introduction of a new employer health tax and a new speculation tax on property.

Kevin Wong, CPA, CA

Kim Drever, CPA, CA

Alberta 2018-2019 Budget

Alberta Finance Minister Joe Ceci tabled the provincial government’s budget on March 22, 2018. No new taxes were included in the projected deficit budget of $8.8-billion, which extended tax credits for Alberta investors, enhanced diversity and inclusion credits and announced a cannabis tax framework with the federal government.

Michael Unick, CPA, CA, FCPA, FCA

Randy Bella, CPA, CA

Saskatchewan 2018-2019 Budget

Saskatchewan Finance Minister Donna Harpauer tabled the provincial government’s Budget on April 10, 2018. No new corporate taxes were introduced, however, the province put a temporary freeze on a previously announced tax rate reduction plan, eliminated the PST exemption on used light vehicles and maintained the $9,464 caregivers tax credit.

Cindy Heinrichs, CPA, CA

Jeff Henkelman, CPA, CA

Manitoba 2018-2019 Budget

Manitoba Finance Minister Cameron Friesen tabled the provincial government’s budget on March 12, 2018. Highlights of the projected $521 million summary deficit budget include no new taxes, an increase to the small business deduction limit, an increase to the basic personal exemption and a carbon tax on fuel to be instated September 1, 2018.

Ryan Devereux, CPA, CA, MBA

Steve Blazino, CPA, CA, CBV

Quebec 2018-2019 Budget

Quebec Finance Minister Carlos J. Leitão tabled the provincial government’s 2018 Economic Plan on March 27, 2018. The balanced budget included a number of tax incentives for small- to medium-sized businesses, enhancements to refundable tax credits and the introduction of a provincial sales tax on online products sold by suppliers from outside Quebec.

Sean Sprackett, CPA, CA

Nova Scotia 2018-2019 Budget

Nova Scotia Finance and Treasury Board Minister Karen Casey tabled the provincial government’s Budget and Capital Plan on March 20, 2018. While no new taxes were announced, a new Innovation Equity Tax Credit for 2019 was introduced. The province also reiterated its agreement to enter into a cannabis tax framework with the federal government.

Jerry Inman, FCPA, FCA, TEP, CPA, CA

Federal 2018-2019 Budget

The Honourable Bill Morneau, Minister of Finance, tabled the Government’s third budget on February 27, 2018. The $18.1-billion deficit budget did not propose any changes to personal or corporate tax rates but did confirm previously announced reductions in the small business tax rate.

As anticipated, Budget 2018 introduces new measures dealing with passive investment income earned by private corporations. The Government also plans to proceed with the tax on split income measures as previously released on December 13, 2017.